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Boeing (BA.N) said on November 16 that it will ensure its factories have the capacity to absorb higher production levels before further increasing aircraft output next year, highlighting the aircraft manufacturers cautious strategy after years of production setbacks. The company recently received approval from U.S. regulators to increase monthly production of its 737 aircraft from 38 to 42. Stephanie Popp, head of Boeings commercial aircraft business, said the companys current focus will be on "stabilizing" existing production rhythms before further increases in production.Boeing (BA.N): Before ramping up production again next year, it will ensure that its factories are ready to handle a higher proportion of aircraft production.According to the Financial Times, U.S. Trade Representative Greer is increasingly dissatisfied with the slow progress made by the European Union in reducing tariffs and regulatory barriers.Airbus: We expect the Middle East to need 4,080 passenger aircraft over the next 20 years, including 2,380 single-aisle aircraft and 1,700 wide-body aircraft.November 16th - According to two industry sources and data from the London Stock Exchange Group (LSEG), the port of Novorossiysk in Russia resumed oil loading operations on Sunday after a two-day suspension. LSEG data shows that the Suezmax tanker "Alan" and the Aframax tanker "Rhodes" are currently loading oil at the ports berths. Previously, a Ukrainian drone attack caused the Russian Black Sea port of Novorossiysk to suspend oil exports on Friday, prompting Transneft, the Russian oil pipeline monopoly, to suspend crude oil supplies to the export terminal. The attack damaged two oil berths at the port, temporarily disrupting port operations.

Crypto winter may temper fintech earnings

Jimmy Khan

Aug 04, 2022 14:41

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Wall Street has lowered earnings expectations for once high-flying fintechs Coinbase and Block, as a chill in the cryptocurrency market adds more pain to the companies already grappling with surging costs and rapidly rising rates.


Crypto exchange Coinbase is expected to report an adjusted loss in the second quarter, while Jack Dorsey-led payments company Block is likely to post a 70% drop in adjusted profit.


Coinbase, which has the biggest exposure to crypto volatility, has lost more than three quarters of its market capitalization this year.


“For Coinbase, this is going to be a very difficult 12 to 18 months,” said Dan Dolev, senior analyst, fintech equity research at Mizuho Securities USA.


Block, which changed its name from Square last year to better reflect its focus on blockchain, has lost over half of its market value amid the stock market rout this year.

The context

The cryptocurrency selloff has dragged down multiple companies in the sector, with some even seeking bankruptcy protection. Bitcoin, the largest cryptocurrency, has nearly halved in value in the first seven months of the year.


“There could be potential for double digit headcount reduction (at Coinbase) at some point because the cost is too high,” Dolev said.


Estimate cuts and competitive pressures are also contributing to the weakness in fintech stocks, according to Credit Suisse analysts.


The cryptocurrency sector may be slowly emerging from a bruising selloff, but they still have to contend with regulatory hurdles in the United States, the biggest market for such assets.


Online trading app Robinhood Markets Inc reported a 44% plunge in second-quarter earnings on Tuesday, a day earlier than expected, and said it would also cut 23% of its workforce.

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